Thursday, Mar 28 2024 | Time 18:08 Hrs(IST)
image
Business Economy


Wipro posts 20 pc sequential jump in net profit at Rs 2303 cr

Wipro posts 20 pc sequential jump in net profit at Rs 2303 cr

Bengaluru, Apr 25(UNI) IT major Wipro Ltd today reported a 20 per cent jump Year-on-year in its standalone net profit at Rs 2,303.5 crore for the fourth quarter ending March 31 this year. The third largest IT services exporter had reported a net profit of Rs 1,918.50 crore for the corresponding quarter last year. The Gross Revenues were at Rs 13990 crore during the fourth quarter, an increase of 2.6 per cent YoY. Non-GAAP constant currency IT Services Segment Revenue in dollar terms grew 1.7 per cent sequentially and 5.2 on Y-o-Y basis. The board of the company also recommended a bonus shares in ratio 1:1 and reappointed Azim Premji as company's Chairman. Consolidated net profit of the company jumped 7.19 per cent on quarter-on-quarter basis to Rs 2,267 crore for the fourth quarter and it posted a consolidated net profit of Rs 2,114.80 crore in the sequential quarter ended December 31, 2016. For January-March period, the company reported a consolidated total income of Rs 15,033.80 crore, up 4.87 per cent, against Rs 14,336.40 crore. During 2016-17 Wipro's gross revenues rose to Rs 55,040 crore an increase of 7.4 per cent Y-o-Y. IT services revenues rose to Rs 52,840 crore an YoY increase of 8.4 per cent and profits from the IT services segment was at Rs 9610 crore a decrease of 2.2 per cent compared to 2015-16. Net Income was Rs 8490 crore, a decrease of 4.7 per cent YoY. The IT Services Margins was 18 per cent for the year. The company reported an unchanged attrition rate of 16.3 per cent with a net addition of 2353 employees. The total headcount at the end of the fiscal was 1,81,482 persons. The Board of Directors will consider a proposal for buyback of equity shares of the Company around July 2017. Wipro CEO and member of the board Abidali Z Neemuchwala said the company had delivered revenues within the guidance range in its fourth quarter. 'We are confident that the recovery in Energy and Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course of the current financial year. We continue to maintain our focus on operational improvements and productivity enhancements,' he said. Chief Financial Officer Jatin Dalal said Wipro sustained strong cash generation in FY17 even as the currency environment remained highly volatile. UNI RS CNR HVB CS 1724

More News
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
Indian Oil dispatches its first packed LPG truck load from Sitarganj bottling unit

Indian Oil dispatches its first packed LPG truck load from Sitarganj bottling unit

28 Mar 2024 | 2:37 PM

New Delhi, Mar 28 (UNI) State-owned Indian Oil on Thursday rolled out the first truckload of packed LPG from the Indane bottling plant at Sitarganj in Uttarakhand.

see more..

GOCL signs MoU with Squarespace Builders

28 Mar 2024 | 12:00 AM

Hyderabad, Mar 27 (UNI) GOCL Corporation Limited (GOCL), a Hinduja Group company, on Wednesday said it has entered into a significant memorandum of understanding (MoU) with Squarespace Builders Private Limited, situated in Hyderabad, to initiate the strategic monetisation of around 264.50 acres of prime land located in Kukatpally.

see more..

CSIR-NIIST develops tech for biomedical waste disposal

27 Mar 2024 | 7:57 PM

Thiruvananthapuram, Mar 27 (UNI) In a first in the country, the CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) has developed an innovative technology for safe, sustainable and cost-effective management of biomedical waste.

see more..
image